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businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already ting action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come back as house prices rise and stock prices are now double what they were at the bottom in march of '09. when you look at state and local budgets, they're now much better with revenue rising. so theayof and budget cuts, we think are waning, if not over. housing is clearly coming back. things are improving and consumer confidence reflects that. >> tom: but there is that dark cloud of the fiscal cliff. you mentioned it earlier, businesses planning for consumer confidence to go off that cliff if we go off it as a country. do you not agree with that prospect? >> well, no. i believe it will -- if nothing happens and there is no agreement, i think there will be a mild, k
businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already ting action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come back as house prices rise and stock prices are now double what they...
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Nov 30, 2012
11/12
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but going over the fiscal cliff is serious business. >> reporter: any real deal-making is the stuff of quiet conversations and meetings. rob neighbors used the language of high-stakes diplomacy to respond to john boehner's complaint >> i thought the conversation was very direct. and as always, i appreciate directness. >> reporter: while the senate majority leader, harry reid, was very blunt about being pessimistic. >> i don't understand his brain, you should ask him. >> reporter: visiting their nation's capitol today, mixed expectations from tourists from georgia and texas >> i hope they get it, more than i did before the election. >> of course i'm nervous, you never know what politicians are going to do. >> reporter: democrats, still lifted by their election success, argued that voters chose higher tax rates for wealthy americans as part of any plan to cut the deficit. and say republicans will have to give in. >> did speaker john boehner get the message? because the message was work together. >> they're not going to openly concede on this point this far out from the deadline, but they
but going over the fiscal cliff is serious business. >> reporter: any real deal-making is the stuff of quiet conversations and meetings. rob neighbors used the language of high-stakes diplomacy to respond to john boehner's complaint >> i thought the conversation was very direct. and as always, i appreciate directness. >> reporter: while the senate majority leader, harry reid, was very blunt about being pessimistic. >> i don't understand his brain, you should ask him....
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Nov 29, 2012
11/12
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and you can tell us something about that knophone c? >> we had very nice conversation last night. it was direct and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much would you be open to the idea of discretionary spending cuts as part of a down payment to give to a longer range solution on entitlements and tax reform? >> there are a lot of options on the table, including that one. >> mr. speaker, before the election, you were asked whether if obama won taxes would have to go up. and you've made it sound like you would oppose that. now you're acknowledging that they will. >> the day after the election, i came here and made it clear that republicans would put revenue on the table as a way to begin to move the process to get this resolve
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and you can tell us something about that knophone c? >> we had very nice conversation last night. it was direct and straightforward. but this assessment i give you today would be a product of both of...
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Nov 30, 2012
11/12
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going over the fiscal cliff is serious business. and i am here seriously trying to resolve it and i would hope that the white house would get serious as well. a congressional republican aide said the only changes in the entitlement come from the president's budget that was voted down by the u.s. senate 99-zero and zoro democrats supported it. the white house said it is the republicans and their refusal to ask higher income americans to pay higher rates. >> asking for a price to be paid for congress to do its job and insure that the united states of america does pay the bills is deeply irresponsible. it was deeply irresponsible in the summer of 2011 and deeply irresponsible if we were to see that kind of approach taken again. >> something new in the proposal. they want to continue to raise the debt limit on their own unless two-thirds of lawmakers say no. >> gretchen: do you remember on this program yesterday where we said this is not a deal. what is proposed is not a deal. a definition of deal, both sides give something, right. this
going over the fiscal cliff is serious business. and i am here seriously trying to resolve it and i would hope that the white house would get serious as well. a congressional republican aide said the only changes in the entitlement come from the president's budget that was voted down by the u.s. senate 99-zero and zoro democrats supported it. the white house said it is the republicans and their refusal to ask higher income americans to pay higher rates. >> asking for a price to be paid...
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Nov 30, 2012
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cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> speaker boehner made very clear at his press conference that he thinks the ball is in your court and the president's court. he says democrats have got to get series about spending cuts. where is the disconnect? >> i don't understand his brain so you should ask him. okay? >> reid making those comments to our own kate bolduan. i'm joined by dan lothian. dan, we're learning more about the white house plan to deal with the fiscal cliff. break it down for us. >> reporter: right. this is the plan that secretary -- treasury secretary timothy geithner took up to capitol hill yesterday. it calls for $1.6 trillion in tax increases over a ten-year period more than republicans had anticipated. in addition to that, $400 billion in spending cuts that will come later. much of that not really specified. we're looking at entitlements such as medicare. and then the plan also includes $50 billion
cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> speaker boehner made very clear at his press conference that he thinks the ball is in your court and the president's court. he says democrats have got to get series about spending cuts. where is the disconnect? >> i don't understand his brain so you should ask him. okay? >> reid making those comments to our own kate bolduan. i'm joined by dan...
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Nov 30, 2012
11/12
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but going over the fiscal cliff is serious business, and i'm here seriously trying to resolve it, and i would hope the white house would get serious as well. >> i don't understand his brain so you should ask him. it's been weeks, at least two weeks, since we met at the white house and we're still waiting for a serious offer from the republicans. >> let's bring in minnesota congressman keith ellison, who was just re-elected as co-chair of the progressive caucus. there are reports out there right now that a deal may be taking shape that involves $400 billion, maybe even more, in what they call entitlement cuts over ten years, mostly from medicare. the progressive caucus, you're the chairman, you have drawn a line in the sand saying it simply won't support entitlement cuts. here's the question. how far would you go to oppose this? >> well, you know, i got to know exactly what the composition of this deal is. i really have only heard the reports you just repeated, so it's difficult to know exactly what they're talking about. i mean, really, we're making -- you're calling on me to make a d
but going over the fiscal cliff is serious business, and i'm here seriously trying to resolve it, and i would hope the white house would get serious as well. >> i don't understand his brain so you should ask him. it's been weeks, at least two weeks, since we met at the white house and we're still waiting for a serious offer from the republicans. >> let's bring in minnesota congressman keith ellison, who was just re-elected as co-chair of the progressive caucus. there are reports out...
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Nov 30, 2012
11/12
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we want to listen to speaker boehner making comments right now on the fiscal cliff. >> small business owners are regular men and women from all backgrounds who in today's economy are facing challenges on a daily basis. the president's tax increase would be another crippling blow for them while doing little to nothing to solve the bigger problem here which is our national deficit and our national debt. this debt doesn't exist because we don't tax small businesses enough. it exists because washington continues to spend too much. raising taxes on small businesses instead of taking a balanced approach that also cuts spending is wrong. it's only going to make it harder for our economy to grow. if our economy doesn't grow, americans don't get new jobs. and the debt problem that we have will continue to threaten our children's future. as i said the day after the election the republicans are not seeking to impose our will on the president. we're seeking a bipartisan solution that can pass both chambers of congress and be signed into law by the president in the coming days. during the campaign
we want to listen to speaker boehner making comments right now on the fiscal cliff. >> small business owners are regular men and women from all backgrounds who in today's economy are facing challenges on a daily basis. the president's tax increase would be another crippling blow for them while doing little to nothing to solve the bigger problem here which is our national deficit and our national debt. this debt doesn't exist because we don't tax small businesses enough. it exists because...
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we looked at the data recently to see if the pending fiscal cliff impacting the small business market is it creating a environment where people are looking to sell real quickly? unfortunately you can't package up and sell a business in four to eight weeks. in general sakeses six to 12 months to prepare and sell a business. for people looking to buy it is a good market. valuation a are down 20% where they were in 2008 fryer to the recession back then. so it is good time to buy. the challenge is in liquidity. there is not a lot of funding available for potential entrepreneurs to get access to capital to buy small businesses and what that means current business owners are often having to fund the transaction or provide financing to make the transaction to happen. that is favor of buyers as well. david: estate tax is likely to go up as well. might that mean sort of against your interest, but that mean a lot of kids expecting to get property from their parents whether a small farm, small business, whatever they were thinking about turning it over and selling it but because of hike in cap g
we looked at the data recently to see if the pending fiscal cliff impacting the small business market is it creating a environment where people are looking to sell real quickly? unfortunately you can't package up and sell a business in four to eight weeks. in general sakeses six to 12 months to prepare and sell a business. for people looking to buy it is a good market. valuation a are down 20% where they were in 2008 fryer to the recession back then. so it is good time to buy. the challenge is...
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Nov 29, 2012
11/12
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going over the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an apple pie. >>shepard: you mention speaker boehner and the fact is there is a group if his party, the conservative part that doesn't want him to act like he is moving and that is who he is talking to today? >>reporter: they want him to dig in. they want him to completely resist essentially going back to the old clinton administration tax rates of 39.6 percent on the top level. the bottom line when you ask about whether there is any progress there are signs of progress from the white house briefing and carney today said the president said in this phone call to speaker boehner, any deal has to have the rates going up but in the end, carney said it doesn't necessarily, he didn't say this dire
going over the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an apple pie. >>shepard: you mention speaker boehner and the fact is there is a group if his...
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Dec 1, 2012
12/12
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i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's court. >> we are waiting for some specifics somewhere from our republican colleagues to show that they're serious on negotiations. >> reporter: as the country fast approaches the fiscal cliff, the two sides are talking past each other. democrats say they've laid down their marker, hiking tax rates on wealthier americans. and it's up to republicans to propose specific spending cuts they want to entitlement programs. however, republicans say they've offered a concession, putting revenue on the table. and they say it's now up to the president and his fellow democrats to feel some pain and proposed cuts in
i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's...
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Dec 6, 2012
12/12
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if we go over the fiscal cliff, what is the impact to your business? >> well, there would be an impact on consumption, for sure. so when it comes to puma or mainstream brands in america in sports, there will be a for sure some consequences in terms of consumption. but i see that as an investment for the future. so it might be a little bit different from some of other ceos. we have to get over the fiscal cliff. let's not delay the thing. it needs efforts. let's make them short for a better future. i think we should be ready as a corporation, being ready for maybe a year of difficult market, difficult situation in the market because that is a ceiling on our growth in terms of economical growth as to be released. it's really me an investment for the future. >> you're seeing a similar situation in france where we're talking about the possibility of capital gains taxes and dividend taxes going much higher. what will that do to the investor class, to the entrepreneurialism that we're seeing? what is the impact? >> well, it's amazing impact. short-term wise,
if we go over the fiscal cliff, what is the impact to your business? >> well, there would be an impact on consumption, for sure. so when it comes to puma or mainstream brands in america in sports, there will be a for sure some consequences in terms of consumption. but i see that as an investment for the future. so it might be a little bit different from some of other ceos. we have to get over the fiscal cliff. let's not delay the thing. it needs efforts. let's make them short for a better...
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Dec 3, 2012
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. >> is the president serious about cutting spending and avoiding the fiscal cliff? congressman allen west respon responds. >> and-- >> and owed the insurance companies $150, what can we do with that. >> they've lost their homes, businesses and sense of security. is help on the way? victims of superstorm sandy. >> and how can republicans attract hispanic voters? and a look ahead who could throw their hat in the ring for 2016. ladies and gentlemen, our guest host tonight, dana perino. [applaus [applause] >> and i'm dana perino and i want to thank governor huckabee for inviting me to guest host it week while he's out on tour. it's been almost a month since the presidential election and about half the country remains elated, vindicated triumphant. they voted for president obama and are walking on cloud nine. the other half, well, not so much. they are confused, despondent, even sleepless, they wonder if the whole nation has gone quite mad and want to return it common sense not another four years on fantasy island. now, we're taught as kids to be good sportsmen, not to g
. >> is the president serious about cutting spending and avoiding the fiscal cliff? congressman allen west respon responds. >> and-- >> and owed the insurance companies $150, what can we do with that. >> they've lost their homes, businesses and sense of security. is help on the way? victims of superstorm sandy. >> and how can republicans attract hispanic voters? and a look ahead who could throw their hat in the ring for 2016. ladies and gentlemen, our guest host...
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fiscal cliff. citigroup plans to cut 11,000 jobs as the bank's new ceo looks to save money. the cuts amount to about 4% of siti's -- sity's -- citi's work group. and it includes closing some branches. u.s. companies added fewer workers in november. bartly because super storm sandy shut down many businesses. including factories and retailers. they will get a better picture of the job market friday. shares of apple fell as much as 4% after a research firm raised its outlook of sales for tablet computers, pointing to strong demand from ipad rivals, from amazon, google and samsung. >>> and nokia's stock rallied,a -- after they launched a new version of the smart phone for the chinese market. >>> and another starbucks may be opening near you. the world's biggest coffee chain plans to add 150 stores over the u.s. over the next five years bringing the total number of starbucks to 20,000 by 2014. that's your money watch. for more, head to cbsmoneywatch.com. in new york, i'm alexis christoforous. >> a class
fiscal cliff. citigroup plans to cut 11,000 jobs as the bank's new ceo looks to save money. the cuts amount to about 4% of siti's -- sity's -- citi's work group. and it includes closing some branches. u.s. companies added fewer workers in november. bartly because super storm sandy shut down many businesses. including factories and retailers. they will get a better picture of the job market friday. shares of apple fell as much as 4% after a research firm raised its outlook of sales for tablet...
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Nov 30, 2012
11/12
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coming up, a closer look at the fiscal cliff and how it could affect small businesses. [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios >>> fiscal split. the two sides seem farther than ever apart after round one of talks. >> asphalt eruption. the story behind this 30-foot geyser on a california street. >>> a new yorker hit by hurricane sandy hits power ball for a million bucks. welcome back to "early start." i'm christine romans. >> i'm zoraida sambolin. 30 minutes past the hour. jitters for small business owners. president obama is calling for $1.6 trillion in tax spikes. john boehner is telling him to get serious. >> with 32 days left, the two parties are trading insults with 90% of americans facing higher taxes next year. small business owners want answers.
coming up, a closer look at the fiscal cliff and how it could affect small businesses. [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios >>> fiscal split. the...
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Dec 7, 2012
12/12
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>> eric: fiscal cliff will. >> andrea: the plan that the democrats put forward is to give tax breaks to business owners. these are gimmicky schemes. cola adjustment. to it is not going to do anything. it's a p.r. stunt to go around the country to say look at what we put forward. >> eric: $345 billion -- >> andrea: for cancer. >> bob: that is a tylenol? man, getting expensive. >> greg: the only way to the problem is for americans to become educated on how to cut spending. how you eliminate the tax deductions and expand the tax base so that you can increase the revenue without punishing segment of society. that doesn't it in the simp sob cartoon. they couldn't articulate that in a comical way. we are run by liberals who never spent a dollar they couldn't spend twice. obama could be a great foreign policy president if he pretended the enemies are rich americans. >> bob: you don't think there is waste in defense? >> greg: absolutely. i do think there is a waste of defense. >> dana: the waste in defense, climate change programs that they have to do. >> eric: greg pointed out things that a
>> eric: fiscal cliff will. >> andrea: the plan that the democrats put forward is to give tax breaks to business owners. these are gimmicky schemes. cola adjustment. to it is not going to do anything. it's a p.r. stunt to go around the country to say look at what we put forward. >> eric: $345 billion -- >> andrea: for cancer. >> bob: that is a tylenol? man, getting expensive. >> greg: the only way to the problem is for americans to become educated on how to...
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Dec 7, 2012
12/12
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. >> does the fiscal cliff debate and the lack of a resolution at this point impact your business at all? are you hearing from your customers that they might put off a purchase or they're worried about making a purchase given the lack of resolution in washington? >> predominantly it is the uncertainty. on the consumer side, absolutely it has an impact. kind of daily reports of doom that come out all of the media channels. zblipts's playing out on our channels. >> it reinforces consumer skepticism. absolute impact on consumer sent many so it leads to postponing. i think we see that. we sell sprinters, it is a commercial vehicle that's aimed solely at small businesses. in the fourth quarter we have seen a softening of that even though we're up 25% for the year. a slight slowdown in the fourth quarter and that's because small businesses are absolutely postponing purchases as this fiscal cliff debate wages on. >> phil, over to you. >> thanks, sue. steve, i'm curious from your perspective, you look at what happened with incentives for the luxury automakers last month. you guys were puttin
. >> does the fiscal cliff debate and the lack of a resolution at this point impact your business at all? are you hearing from your customers that they might put off a purchase or they're worried about making a purchase given the lack of resolution in washington? >> predominantly it is the uncertainty. on the consumer side, absolutely it has an impact. kind of daily reports of doom that come out all of the media channels. zblipts's playing out on our channels. >> it reinforces...
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Nov 30, 2012
11/12
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you talk about the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean problems for everyone globally and no one would want that. i'm sure that you'll be able to find the right solution by the end of december. >> let us hope. mr. michalos, thank you very much. sue? >>> thank you, ty. two big winners in that $587 million record powerball lottery. but how much do you really need to earn to make you happy? the answer may surprise you. >>> and before you fill up your tank with gas, listen up. aaa is warning regulators to stop sales of a certain type of fuel at the pump because it could damage your car and void your car
you talk about the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean...
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what do you think should be hopping here to get a deal to avoid the fiscal cliff happening? >> i have no doubt that people are working hard to get a deal. we have the president re-elected and have a new congress, think it's right they get down to the business of sorting this out. i think america's got to think that what it needs to do is get growth in its economy, as well. and it needs to get growth by trade and exporting. and i think what we're missing at the moment is a global agreement whereby the big powers try to work on the economy. you have to have fiscal problems and you also have to have growth. that's the key for the future. there's a global deal waiting to be done, with china, europe, india also involved in this, and of course, america itself, where we could build the confidence that's necessary to get high levels of growth around the world. >> finally, gordon brown, i couldn't let you go without asking your view of the single biggest news story to hit the planet in the last week. it is, of course, the royal baby. >> it's incredibly important that we give them the
what do you think should be hopping here to get a deal to avoid the fiscal cliff happening? >> i have no doubt that people are working hard to get a deal. we have the president re-elected and have a new congress, think it's right they get down to the business of sorting this out. i think america's got to think that what it needs to do is get growth in its economy, as well. and it needs to get growth by trade and exporting. and i think what we're missing at the moment is a global agreement...
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Nov 30, 2012
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dennis: fiscal cliff survival kit coming up in the next steps your small business should take right now to prepare. plus jeff flock is milking of fiscal cliff story for us and from the farm. jeff: you don't care about the fiscal cliff but if you care about milk prices if we don't get a deal on a farm bill, milk prices could double within a month. i will explain how that will happen right down here on the farm. we will get it from the horse or the calla's and house. you know how painful heartburn can be. for fast, long lasting lief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving theain quickly. try fast, long lasting gaviscon®. ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going onow -- but hurry, the off ends soon. cheryl: 30 past the hour, the largest generic maker -- >> pharmaceuticals of by 1/2%. announcing a major reorganization plan with $2 billion and expenses over the next five years and this is wide ranging
dennis: fiscal cliff survival kit coming up in the next steps your small business should take right now to prepare. plus jeff flock is milking of fiscal cliff story for us and from the farm. jeff: you don't care about the fiscal cliff but if you care about milk prices if we don't get a deal on a farm bill, milk prices could double within a month. i will explain how that will happen right down here on the farm. we will get it from the horse or the calla's and house. you know how painful...
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Nov 30, 2012
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going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco here in washington, d.c. opened up today. big crowd in the parking lot. vice president's motorcade showed up. he actually bought a big screen tv as well as a apple pie. what could be more american than that. he went on to is a say he is feeling good and optimistic about a deal. take a listen. >> i am. i am. all these folks in this store, man, going to make a difference. >> more important than shopping trip will be what actually happens between the president and speaker boehner. we're told they had a phone call last night. initial report suggested it was tense. white house saying they made some progress. we
going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco...
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Dec 6, 2012
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she wrote concerned about tax increases and this fiscal cliff. she said, "the middle class is the heart and soul of this country. what keeps it going and growing? what else can we be hit with? i know i cannot take anything more on financially." so my first call today, madam president, is let's give deborah and families like hers in delaware and around the country the serntle before we end this -- the certainty before we end this calendar year of knowing their taxes will not go up in 26 days when the calendar turns to 201. one way to do that is for the moushouse to take up the legisln that this body has already considered in a bipartisan way that would extend the tax cuts for 98% of families and 97% of small businesses while also achieving nearly d is trillion of debt and deficit reduction. this bill extends tax cuts that would otherwise expire for all americans who earn income and for all small businesses, but just on the first $250,000. tax ratetax rates on income abot would revert to tax rates during the clinton administration. this one step wo
she wrote concerned about tax increases and this fiscal cliff. she said, "the middle class is the heart and soul of this country. what keeps it going and growing? what else can we be hit with? i know i cannot take anything more on financially." so my first call today, madam president, is let's give deborah and families like hers in delaware and around the country the serntle before we end this -- the certainty before we end this calendar year of knowing their taxes will not go up in...
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next week, a small business coalition will talk to us on ways we can solve the fiscal cliff while the same time growing this economy. the goal of this republican majority is to solve the fiscal cliff once and for all and put us on a path to grow the economy. >> we are 34 days away from what would be the largest tax increase in american history, and the speaker boehner and the republicans have put forward a balanced plan that would prevent that from happening and not devastate our economy at a time when our economy continues to struggle and people are having a tough time finding work. we need to take action that will insure that small-business owners all across this country continue to be able to survive. many have said that the president's approach in raising taxes would act to devastate the economy. ernst and young estimated jobs lost -- a plan that would cut nearly 1 million jobs is a nonstarter. we are working to find a better way. a common-sense way. we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeo
next week, a small business coalition will talk to us on ways we can solve the fiscal cliff while the same time growing this economy. the goal of this republican majority is to solve the fiscal cliff once and for all and put us on a path to grow the economy. >> we are 34 days away from what would be the largest tax increase in american history, and the speaker boehner and the republicans have put forward a balanced plan that would prevent that from happening and not devastate our economy...
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-- without this fiscal cliff situation being resolved, it doesn't give the certainty that not only businesses need to start making investments, to hiring more people, but also middle class americans can't get that comfort that they need to know that their taxes won't go up at the end of the year. and so that's sort of the message that the president is bringing to these business leaders today. but in addition to that, trying to put pressure on them to support his approach, which is those upper income americans need to pay more, ashleigh. >> here is another critical movement. i don't know how critical it is but to me is seemed critical. the president in the bloomberg interview, which is the first interview since the election, it seemed that perhaps he was prepped to make an overture on the insistence to raise tacks on the top 2%. did i hear wrong or read it wrong? that this demand is a temporary demand? >> reporter: yes, it does seem like there's a little wriggle room. jay carney was asked about this and didn't want to get nailed down. the answer that you get from jay carney is he doesn't want
-- without this fiscal cliff situation being resolved, it doesn't give the certainty that not only businesses need to start making investments, to hiring more people, but also middle class americans can't get that comfort that they need to know that their taxes won't go up at the end of the year. and so that's sort of the message that the president is bringing to these business leaders today. but in addition to that, trying to put pressure on them to support his approach, which is those upper...
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we'll and jeff solomon -- what other effects the fiscal cliff is having on business and investment. and reminder, here we go again, this is -- don't miss steve liesman's exclusive interview. >> read it, joe, it's what the company wants you to do. >> with treasury secretary tim geithner. liesman will be on at 4:00 he'll also have geithner. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. >>> welcome back to "squawk box," everyone. let's take a look at shares of walgreens. november same store sales fell by 6.2%. that is smaller than the 7.3% drop that analysts had been expecting. >>> and a big deal just made official moments ago, freeport mcmoran is buying two companies. the combined price about $20 billion. now owns about 31% of mcmoran exploration. take a look at that, up about 25% for plains exploration. >> mm-hmm. >>> and another company moving up its dividend, best b
we'll and jeff solomon -- what other effects the fiscal cliff is having on business and investment. and reminder, here we go again, this is -- don't miss steve liesman's exclusive interview. >> read it, joe, it's what the company wants you to do. >> with treasury secretary tim geithner. liesman will be on at 4:00 he'll also have geithner. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus...
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. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting
. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the...
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. >> if we go over the fiscal cliff? >> no. >> why? >> because i think it will teach everyone a lesson. >> unemployment goes up. >> look, i think -- it isn't actually the impact of that. i think it'll get people so angry with the administration and the republican party that i think you might see something happen, actually. maybe that's what it takes, a good crisis is a terrible thing to waste. >> we've heard that before. barry, great to see you as always. >> pleasure. >> thank you so much. chairman and ceo of starwood capital group. we're still waiting on house minority leader nancy ppelosi. we'll bring you that when it happens. >>> meanwhile, corporate america preparing for a worst case scenario. the chairman and ceo of chevron will join me. keep it here on "the closing bell." the interview you won't hear anywhere else today. >>> up next, is anyone bucking up to save the twinkie? kayla is next with the update on hostess suitors on the other side of the this break. back in a moment. or that printing in color had to cost a fortune. nobo
. >> if we go over the fiscal cliff? >> no. >> why? >> because i think it will teach everyone a lesson. >> unemployment goes up. >> look, i think -- it isn't actually the impact of that. i think it'll get people so angry with the administration and the republican party that i think you might see something happen, actually. maybe that's what it takes, a good crisis is a terrible thing to waste. >> we've heard that before. barry, great to see you as...
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cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable with sending the economy over the fiscal cliff. >> the speaker's remarks riled the left and provoked this response from senate majority leader harry reid. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect, then? >> i don't understand his brain, so you should ask him. okay? >> with only a handful of legislative days left on the congress's calendar before the looming fiscal cliff becomes a raw reality, will the president and house gop find a way over the latest road black and back to the bargaining table? >> why did the white house decide to have this as their opening volley when they knew the response would be a negative one that they drew? >> was it hardball opening? yeah, of course it was. the question is, what's the counteroffer? >> i would imagine there has to -- tim geithner is too smart of a guy in this administration is filled
cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable with sending the economy over the fiscal cliff. >> the speaker's remarks riled the left and provoked this response from senate majority leader harry reid. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect, then? >> i don't understand his brain, so you should ask him. okay? >> with only a handful of legislative...
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brian moynihan was talking about small businesses impacted by the fiscal cliff. i did an interview yesterday afternoon with someone who has done hundreds of channel checks and works in the same areas as you and warns me that he's seeing softness. take a listen. >> we're seeing now october, november little bit of a slowdown. it's due to post-election blues. fiscal cliff coming up. you had hurricane impact on the northeast when most of the companies report fourth quarter sometime in january i think they will probably see some sort of a modest slowdown versus that third quarter trend that we saw. >> let me take you specifically to a note out you have this morning on the cruise liners where you are talking about the trends there. the pricing there continuing to deteriorate at a time when royal caribbean is up 42% year-to-date. carnival up 19%. what do you make of that area now? should people sell? >> i guess i would say contrary to what your guest just said from bank of america, we are actually seeing weakening signs across all four sectors. we cover hospitality broa
brian moynihan was talking about small businesses impacted by the fiscal cliff. i did an interview yesterday afternoon with someone who has done hundreds of channel checks and works in the same areas as you and warns me that he's seeing softness. take a listen. >> we're seeing now october, november little bit of a slowdown. it's due to post-election blues. fiscal cliff coming up. you had hurricane impact on the northeast when most of the companies report fourth quarter sometime in january...
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cliff will really have. tonight we tackle the much-discussed concept of increasing tax rates for the top 2%. chief business correspondent ali velshi joins me now. help us cut through the spin. the partisans all have a different take on this. if you raise taxes on the top 2%, what's the impact? what does it look like and how much of an impact would it have on the deficit? >> well, let's look at it in two ways. one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. no
cliff will really have. tonight we tackle the much-discussed concept of increasing tax rates for the top 2%. chief business correspondent ali velshi joins me now. help us cut through the spin. the partisans all have a different take on this. if you raise taxes on the top 2%, what's the impact? what does it look like and how much of an impact would it have on the deficit? >> well, let's look at it in two ways. one is income tax, right? right now, the highest earners, those households that...
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the progress or lack of progress on the fiscal cliff talks and also wondering who is going to be the next treasury secretary. joining me steve rattner, wall street finance year, former head of president obama's auto task force. thanks for joining us, steve. first of all, what about the scenario that oh let's just let them go over the cliff and won't matter and the markets will view it as a nonevent. what do you think some. >> certainly going to matter. there's no question it's going to matter. it's going to matter to the markets. we don't know how much. this is an unprecedented situation, at least in my lifetime. we've had crises and debt ceilings and all that, but going over a cliff like this is a new one. the markets would be volatile, extremely -- a lot of downward pressure on them. and then the question would be how do businesses and consumers behave and quickly do they pull back? everyone knows the immediate impact from the government coming back and spending wouldn't be that great. the question then is how do businesses and consumers react? i don't think it will be a pretty sig
the progress or lack of progress on the fiscal cliff talks and also wondering who is going to be the next treasury secretary. joining me steve rattner, wall street finance year, former head of president obama's auto task force. thanks for joining us, steve. first of all, what about the scenario that oh let's just let them go over the cliff and won't matter and the markets will view it as a nonevent. what do you think some. >> certainly going to matter. there's no question it's going to...
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on the fiscal cliff. melissa: phil, real quick what is going on with nat-gas? we're freezing here in the northeast. >> it is balmy outside what are you talking about? it is so warm. i'll tell you what, this goes to show you the incredible production that is happening. we see rig counts went up last week but they're down 45% on the year. we're so much more efficient producing gas. melissa: sure. >> it is building supplies and temperatures not as cold as advertised. melissa: phil, thanks so much. >> thank you. lori: phil sounds like he was screaming at someone. melissa: a little under the weather. we wish him well. lori: of course. groupon, was it just a fad? the future of groupon ceo andrew mason may be in jeopardy as the social website's board decides on the fate and strategy for the company. shibani joshi joins us with the latest on one struggling company, shibani. >> i have to tell you only one number investors care about when it comes to keeping management in place and the overall gross prospects of th
on the fiscal cliff. melissa: phil, real quick what is going on with nat-gas? we're freezing here in the northeast. >> it is balmy outside what are you talking about? it is so warm. i'll tell you what, this goes to show you the incredible production that is happening. we see rig counts went up last week but they're down 45% on the year. we're so much more efficient producing gas. melissa: sure. >> it is building supplies and temperatures not as cold as advertised. melissa: phil,...
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the president all business today in washington, sitting down for a business roundtable, about the fiscal cliff, it's all part of an effort to keep the heat on republicans to cave on tax hikes for the wealthy in order to reach a deal but congressman boehner saying the person the president needs to be talking to is him, and doing so face-to-face, so who is standing in the way of compromise? we have a line-up of guests, debbie wasserman schultz, senator ben carden of maryland and former oklahoma congressman j.c. watts who is also being touted to take up a new job, rnc chairman, plus live coverage of the president's remarks straight ahe ahead. plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer up to 9 months. [ male announcer ] because enbrel®, etanercept, suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal
the president all business today in washington, sitting down for a business roundtable, about the fiscal cliff, it's all part of an effort to keep the heat on republicans to cave on tax hikes for the wealthy in order to reach a deal but congressman boehner saying the person the president needs to be talking to is him, and doing so face-to-face, so who is standing in the way of compromise? we have a line-up of guests, debbie wasserman schultz, senator ben carden of maryland and former oklahoma...
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with the fiscal cliff, that is serious business. i am here seriously trying to resolve it. i would hope the white house would get serious as well. [inaudible question] >> well, we had a very nice conversation last night. it was direct and straightforward. the assessment i give you today would be a product of both of those conversations. [inaudible question] >> there are a lot of options on the table, including that one. [inaudible question] >> the day after the election, i came here and made it clear that republicans would put revenue on the table, as a way to begin to move the process to get this resolved. [inaudible question] >> the revenue is on the table. revenue was only on the table if there were serious spending cuts as part of this agreement. it has to be part of the agreement. we have a debt crisis. we are spending too much. we have to recognize it is the spending that is out of control. >> what size of spending cuts do you think it would take? >> i do not think it is productive for either side to layout hardlines and what the size of spending cuts ought to be. the
with the fiscal cliff, that is serious business. i am here seriously trying to resolve it. i would hope the white house would get serious as well. [inaudible question] >> well, we had a very nice conversation last night. it was direct and straightforward. the assessment i give you today would be a product of both of those conversations. [inaudible question] >> there are a lot of options on the table, including that one. [inaudible question] >> the day after the election, i...
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independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this point offsetting with health care. >> gentlemen, thank you. more breaking news coming away right now. thanks for your thoughts. appreciate it. >> we have the letter. let's get to eamon javers. >> this is the letter speaker boehner sent to the president of the united states. the language he's choosing is important to understand, as he draes the president. the speaker saying, after a status quo election in which both you and
independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the...
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they would book dentist appointment or pull a hamstring and let him get his way and own the fiscal cliff debacle. >> eric: it's not a bad call. this could be terrible for the economy and hurt jobs and businesses. but honestly, if you are ready, america, if you are ready, hold your nose, take a deep breath and take the medicine. it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about ei
they would book dentist appointment or pull a hamstring and let him get his way and own the fiscal cliff debacle. >> eric: it's not a bad call. this could be terrible for the economy and hurt jobs and businesses. but honestly, if you are ready, america, if you are ready, hold your nose, take a deep breath and take the medicine. it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate...
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congressman, steve israel, on the democratic momentum on the fiscal cliff. plus. >> karen finney on the new bizarre attack on ambassador, susan rice. >> all of the sudden, we are the bell of the ball. we are here to say, it's time to start to dance. >>> latino voters help put president obama over the top. now, the hispanic caucus says they want action. representative luis gutierrez joins me tonight. >>> good to have you with us. thanks for watching. president obama is selling his economic agenda and using all the right tools. the president was surrounded today by middle class taxpayers at the white house as he pushed for an extension of the tax cuts for income below $250,000. he was quick to highlight the break in the ranks with the republicans. >> i am glad to see, if you've been reading the papers lately, that more and more republicans in congress, seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. >> president oba
congressman, steve israel, on the democratic momentum on the fiscal cliff. plus. >> karen finney on the new bizarre attack on ambassador, susan rice. >> all of the sudden, we are the bell of the ball. we are here to say, it's time to start to dance. >>> latino voters help put president obama over the top. now, the hispanic caucus says they want action. representative luis gutierrez joins me tonight. >>> good to have you with us. thanks for watching. president obama...